3 July 2013
The Weekly

Matsuzakaya, the oldest department store in Tokyo's famous Ginza shopping district, closed on Sunday for a total makeover and will reopen as a large commercial complex in four years. Under a block-wide redevelopment project, the venerable 88-year-old, seven-story department store will be replaced in fiscal 2017 by a 13-floor high-rise with six basement floors and office space. Matsuzakaya Ginza opened in 1924, a year after the deadly Great Kanto Earthquake devastated the capital and its vicinity. Since then, it had been at the forefront of Japan's fashion industry until the "fast fashion" craze hit at the turn of the century. Fast fashion retailers are increasingly opening major outlets in the traditionally upscale district.